Taxation Administration Regulations 2017

PART 3 - INCOME TAX (CHAPTER 2 IN SCHEDULE 1 TO THE ACT)  

Division 2 - Pay as you go (PAYG) withholding - Payments from which amounts must be withheld  

Subdivision B - Payments where TFN not quoted  

SECTION 30   THRESHOLD FOR WITHHOLDING ON NET INCOME OF CLOSELY HELD TRUSTS  

30(1)    
This section is made for the purposes of section 12-185 in Schedule 1 to the Act.

30(2)    
An amount is not required to be withheld under section 12-175 or 12-180 in Schedule 1 to the Act from a payment (including a payment mentioned in subsection 12-180(3) ) if the payment is less than:


(a) if the payment is for the whole of a financial year - $120; or


(b) if the payment is for part of a financial year - the amount worked out using the formula:


  Number of days in period × $120  
  Number of days in year  

where:

number of days in period
is the number of days in the period in the financial year in respect of which the amount is payable.

number of days in year
is the number of days in the financial year.


 

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